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BALANCE OF TRADE: The difference between funds received by a country when exporting merchandise and the funds paid for importing merchandise. The balance of trade is a major part of the current accounts portion of the balance of payments. A balance of trade surplus results if exports exceed imports, commonly termed a favorable balance of trade, and a balance of trade deficit exists if imports exceed exports, analogously termed an unfavorable balance of trade. The "favorable" and "unfavorable" normative connotations attached to the balance of trade rests with the presumption that a nation is "better off" when it exports more than it imports, which is not necessarily true.
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Lesson 22: Factor Supply | Unit 1: Background
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Page: 2 of 25
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- The factor payments:
- Factor payments are the wage, interest, rent, and profit payments to the owners labor, capital, land, and entrepreneurship, in return for the use of the productive services.
- A few more details about the four factor payments:
- Wage: This is a payment to the owner of labor in exchange for the productive service of labor.
- Interest: This is a payment to the owner of capital in exchange for the productive services of capital.
- Rent: This is a payment to the owner of land in exchange for the productive services of land.
- Profit: This is a payment to the owner of entrepreneurship in exchange for the productive services of entrepreneurship.
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TOTAL UTILITY CURVE A curve illustrating the relation between the total utility obtained from consuming a good and the quantity of the good consumed. The shape of the total utility curve, increasing at a decreasing rate, reflects the law of diminishing marginal utility. The reason for this is that slope of the total utility curve is marginal utility, meaning the total utility curve can be use to derive the marginal utility curve.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at an auction looking to buy either throw pillows for your living room sofa or a hepa filter for your furnace. Be on the lookout for celebrities who speak directly to you through your television.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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GSP
Gross State Product
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